GhIPSS introduces near-real-time bulk payment service

The Ghana Interbank Payments and Settlement Systems (GhIPSS), in collaboration with all banks, has introduced a new service to the existing ACH Direct Credit platform known as ACH DC Near-Real-Time (NRT); that allows Corporate Institutions to make bulk payments faster and almost in real-time.
ACH DC NRT, according to GhIPSS, will enhance the efficiency of making bulk payments such as salaries, dividends etc. by reducing the time to credit accounts from within 4 to 24 hours to 15 minutes; from one source account to multiple accounts in different banks.
BENEFITS OF ACH DC NRT:
• Provides Corporate Institutions with a viable alternative to cheques
• Allows corporate institutions to credit the accounts of beneficiaries on a bulk payments file within 15minutes of presenting payment file to their banks.
• It is an efficient payment option which provides transparency and certainty of payments
• Corporate Institutions have the opportunity to make bulk payments anytime between 6:00 pm the previous day and 3:00 pm the following day
• Because the NRT system allows banks of corporate institutions to re-present returned payment details within the same session, corporate institutions can correct all payment errors for re-presentment without fear of missing payment timelines.
• Allows for deadline payments
ACH DC NRT can be accessed by organisations, through their banks & savings and Loans companies; for the payments of salaries, allowances, pensions, welfare benefits, suppliers and all other bulk payment types.
Commenting on the introduction of this service, Chief Executive of GhIPSS, Archie Hesse said: “Direct Credit NRT is a major addition to the plethora of electronic payment solutions, which will be extremely useful to businesses and other organisations.”
He encouraged organisations seeking to make faster bulk payments, to use NRT, to ensure that intended recipients receive the money almost immediately.
Source: classfmonline.com
Trending Business
NPA hosts second downstream compliance workshop to strengthen petroleum sector standards
11:23GFZA CEO tours Tema Free Zone Enterprises to strengthen strategic partnerships
11:05Finance Minister vows lasting economic stability and lower food prices in meeting with FABAG
08:46Bawumia’s Gold for Reserve Programme is anchoring the Cedi – Kofi Bentil
13:27DVLA opens new office in Adentan, CEO expresses gratitude to all stakeholders
08:27President Mahama delivers on 24-hour economy promise within first 120 days
01:34Gov't inaugurates task force to oversee establishment of Ghana’s national airline
13:57NPA boss heaps praise on Finance Minister and BoG for stabilising Cedi, fuel prices
11:18President Mahama sets $10 billion target for non-traditional exports by 2030
03:34Hand over Saglemi housing project to TDC- Parliamentary Select Committee to gov't
04:51